Wynn Resorts, Limited

WYNN · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000
Valuation
Market cap	$12,511	$9,462	$10,291	$9,345	$9,836	$13,050	$16,061	$11,440	$19,499	$10,006	$8,002	$15,014	$19,526	$11,597	$13,705	$12,750	$6,978	$4,581	$11,889	$9,385	$5,392	$5,807	$2,739	$521	$512	$493
Enterprise value	$21,982	$18,457	$19,087	$18,537	$18,741	$22,371	$24,071	$18,428	$26,287	$17,604	$15,090	$20,177	$24,176	$15,422	$15,673	$14,902	$8,682	$7,741	$14,157	$10,989	$7,083	$7,115	$3,034	$798	$473	$439
P/E (TTM) at period end	38.22×	18.88×	14.10×	–	–	–	130.60×	19.98×	26.10×	41.35×	40.98×	20.52×	26.80×	23.10×	22.34×	79.63×	337.87×	21.77×	46.06×	14.93×	–	–	–	–	–	–
P/S (TTM) at period end	1.75×	1.33×	1.58×	2.49×	2.61×	6.23×	2.43×	1.70×	3.21×	2.30×	1.96×	2.76×	3.47×	2.25×	2.60×	3.05×	2.29×	1.53×	4.42×	6.55×	7.47×	29780.43×	2690.50×	449.54×	646.25×	6406.04×
P/B at period end	–	–	–	–	–	–	9.21×	5.62×	20.57×	63.35×	–	–	–	–	6.56×	5.70×	2.30×	2.88×	6.10×	5.70×	3.45×	3.53×	2.73×	0.53×	1.33×	1.29×
EV / EBITDA (TTM)	12.64×	10.30×	12.50×	31.33×	58.31×	–	16.01×	14.33×	16.35×	19.00×	15.38×	12.77×	14.55×	11.00×	11.14×	14.46×	13.45×	13.45×	21.17×	40.73×	72.64×	–	–	–	–	–
EV / Sales (TTM)	3.08×	2.59×	2.92×	4.93×	4.98×	10.67×	3.64×	2.74×	4.33×	4.05×	3.70×	3.71×	4.30×	2.99×	2.97×	3.56×	2.85×	2.59×	5.27×	7.67×	9.81×	36487.65×	2980.26×	688.31×	596.73×	5699.17×
Returns
Return on equity	–	–	–	–	–	–	7.1%	28.1%	78.8%	153.2%	–	–	–	–	29.4%	7.2%	0.7%	13.2%	13.3%	38.2%	(5.8%)	(12.5%)	(4.9%)	(3.2%)	(4.6%)	(2.8%)
Return on invested capital	9.1%	12.8%	8.9%	(1.2%)	(4.5%)	(13.7%)	5.7%	8.2%	13.4%	6.4%	9.0%	23.6%	27.8%	27.6%	24.1%	13.4%	4.6%	6.6%	8.0%	1.7%	(0.8%)	(3.0%)	(3.8%)	(2.5%)	(5.8%)	(3.7%)
Dividend yield	1.4%	1.5%	0.8%	0.0%	0.0%	0.8%	3.5%	5.0%	1.6%	3.3%	6.2%	6.3%	5.3%	8.2%	7.5%	9.3%	7.0%	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.63×	1.90×	1.93×	2.22×	2.23×	2.03×	1.44×	1.40×	1.77×	2.11×	2.26×	2.13×	2.04×	1.95×	1.09×	1.76×	3.15×	1.95×	2.70×	2.14×	2.54×	2.66×	5.65×	43.82×	–	–
Debt / equity	(38.28×)	(47.03×)	(46.70×)	(16.14×)	(55.66×)	(37.12×)	5.97×	4.63×	10.16×	64.11×	(81.71×)	(255.23×)	(35.70×)	(22.32×)	1.54×	1.46×	1.18×	2.70×	1.82×	1.45×	1.35×	1.00×	0.63×	0.39×	–	–
Effective tax rate	20.4%	0.6%	(174.1%)	(1.3%)	(0.0%)	(32.0%)	36.2%	(162.7%)	(58.7%)	2.6%	2.7%	(0.4%)	(1.8%)	0.6%	(2.4%)	6.1%	7.1%	(41.2%)	21.1%	21.3%	(74.4%)	(54.3%)	8.3%	7.8%	–	–
Share count
Diluted shares outstanding	104	110	113	114	114	107	107	107	103	102	102	102	102	104	126	124	120	109	113	112	98	87	98	40	39	38

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000
Revenue and gross profit
Revenue	$7,413	$7,138	$7,128	$6,532	$3,757	$3,764	$2,096	$6,611	$6,718	$6,070	$4,346	$4,076	$5,434	$5,621	$5,154	$5,270	$4,185	$3,046	$2,987	$2,688	$1,432	$722	$0	$1	$1	$1	$0
Cost of revenue	($4,397)	($4,181)	($4,026)	($3,709)	($2,390)	($2,559)	($1,743)	($4,067)	($4,086)	($3,727)	($2,654)	($2,530)	($3,316)	($3,479)	($3,252)	($3,310)	($2,700)	($1,989)	($1,938)	($1,625)	($843)	($398)	($82)	($47)	($25)	–	–
Gross profit	$3,017	$2,957	$3,102	$2,823	$1,367	$1,205	$353	$2,544	$2,631	$2,343	$1,692	$1,546	$2,117	$2,142	$1,903	$1,960	$1,485	$1,056	$1,049	$1,062	$590	$324	($82)	($46)	($24)	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,106)	($1,117)	($1,080)	($1,065)	($830)	($797)	($721)	($897)	($761)	($685)	($548)	($465)	($492)	($449)	($442)	($389)	($391)	($365)	($319)	($354)	($345)	($246)	($0)	($1)	($1)	–	–
Total operating expenses	($1,852)	($1,839)	($1,969)	($1,983)	($1,467)	($1,600)	($1,585)	($1,666)	($1,896)	($1,287)	($1,171)	($887)	($851)	($852)	($873)	($952)	($860)	($821)	($737)	($633)	($519)	($348)	($8)	($7)	($10)	–	–
Total costs and expenses	($6,248)	($6,020)	($5,995)	($5,692)	($3,858)	($4,158)	($3,328)	($5,733)	($5,982)	($5,015)	($3,824)	($3,417)	($4,167)	($4,331)	($4,125)	($4,262)	($3,559)	($2,811)	($2,675)	($2,258)	($1,361)	($747)	($90)	($54)	($36)	($21)	($12)
Operating income	$1,165	$1,118	$1,133	$840	($101)	($395)	($1,232)	$878	$736	$1,056	$522	$659	$1,266	$1,290	$1,029	$1,008	$625	$235	$312	$429	$71	($25)	($90)	($53)	($34)	($20)	($12)
Earnings
EBITDA	$1,804	$1,739	$1,792	$1,527	$592	$321	($507)	$1,503	$1,286	$1,608	$926	$981	$1,580	$1,661	$1,402	$1,406	$1,031	$646	$575	$669	$270	$98	($19)	($31)	($25)	–	–
Interest income	$57	$67	$130	$176	$30	$3	$15	$24	$30	$31	$14	$7	$20	$16	$13	$8	$2	$2	$22	$47	$47	–	–	–	–	–	–
Interest expense	($618)	($626)	($688)	($752)	($651)	($606)	($556)	($414)	($382)	($389)	($289)	($301)	($315)	($299)	($289)	($230)	($223)	($211)	($173)	($145)	($148)	–	–	–	–	–	–
Pre-tax income	$694	$514	$643	$285	($700)	($1,012)	($1,762)	$488	$306	$560	$311	$289	$959	$987	$733	$806	$337	$42	$149	$327	$799	($91)	($213)	($53)	($34)	–	–
Income tax expense	($110)	($105)	($4)	$497	($9)	($0)	($565)	($177)	$497	$329	($8)	($8)	$4	$18	($4)	$20	($20)	($3)	$62	($69)	($171)	($68)	($116)	$4	$3	$2	($11)
Net income	$449	$327	$501	$730	($424)	($756)	($2,067)	$123	$572	$747	$242	$195	$732	$729	$502	$613	$160	$21	$210	$258	$629	($91)	($206)	($49)	($32)	($18)	($11)
Per share
Diluted EPS (GAAP)	$4.17	$3.14	$4.35	$6.32	($3.73)	($6.64)	($19.37)	$1.15	$5.35	$7.28	$2.38	$1.92	$7.18	$7.17	$4.82	$4.88	$1.29	$0.17	$1.92	$1.80	$6.24	($0.92)	($2.37)	($0.50)	($0.80)	($0.45)	($0.28)
Basic EPS (GAAP)	$4.37	$3.16	$4.56	$6.49	($3.73)	($6.64)	($19.37)	$1.15	$5.37	$7.32	$2.39	$1.93	$7.25	$7.25	$4.87	$4.94	$1.30	$0.17	$1.94	$1.85	$6.29	($0.92)	($2.37)	($0.50)	($0.80)	($0.45)	($0.28)
Basic shares outstanding	103	104	110	113	114	114	107	107	107	102	101	101	101	101	103	124	123	120	108	106	100	98	87	98	40	39	38
Margins
Gross margin	40.7%	41.4%	43.5%	43.2%	36.4%	32.0%	16.8%	38.5%	39.2%	38.6%	38.9%	37.9%	39.0%	38.1%	36.9%	37.2%	35.5%	34.7%	35.1%	39.5%	41.2%	44.9%	(41971.8%)	(4528.6%)	(2069.7%)	–	–
Operating margin	15.7%	15.7%	15.9%	12.9%	(2.7%)	(10.5%)	(58.8%)	13.3%	10.9%	17.4%	12.0%	16.2%	23.3%	23.0%	20.0%	19.1%	14.9%	7.7%	10.4%	16.0%	5.0%	(3.4%)	(46050.3%)	(5239.2%)	(2968.1%)	(2529.6%)	(15629.9%)
Net margin	6.1%	4.6%	7.0%	11.2%	(11.3%)	(20.1%)	(98.6%)	1.9%	8.5%	12.3%	5.6%	4.8%	13.5%	13.0%	9.7%	11.6%	3.8%	0.7%	7.0%	9.6%	43.9%	(12.6%)	(105428.7%)	(4802.8%)	(2736.2%)	(2235.3%)	(13787.0%)

Analyst consensus

Buy46 analysts

Bearish · 1 · Hold · 15 · Bullish · 30

Earnings history

	EPS	Estimate
Q3 2024	$0.90	$1.04	Miss
Q4 2024	$2.42	$1.27	Beat
Q1 2025	$1.07	$1.22	Miss
Q2 2025	$1.09	$1.20	Miss
Q3 2025	$0.86	$1.15	Miss
Q4 2025	$1.17	$1.33	Miss
Q1 2026	$1.25	$1.25	Match
Q2 2026	$1.24	$0.99	Beat

Peers

Company overview

IPO dateOct 25, 2002

CEOCraig S. Billings

Employees28,500

SectorConsumer Cyclical

IndustryGambling, Resorts & Casinos

CountryUS

ExchangeNASDAQ Global Select

Websitewww.wynnresorts.com

Wynn Resorts, Limited excels in the conceptualization, development, and operation of upscale integrated resort properties. The Wynn Palace, situated in Cotai, boasts a gaming floor spanning 424,000 square feet, which includes 323 table games, 1,035 slot machines, exclusive private gaming salons, and sky casinos. Accommodations are offered in a luxurious hotel tower featuring 1,706 guest rooms, suites, and villas, complemented by a health club, spa, salon, and swimming pool. This location further provides 14 distinct food and beverage establishments, 107,000 square feet for retail, 37,000 square feet of conference and event space, alongside a performance lake and elaborate floral displays. The Wynn Macau resort presents a 252,000 square-foot casino housing 331 table games, 818 slot machines, private gaming salons, sky casinos, and a dedicated poker room. Its two opulent hotel towers collectively feature 1,010 guest rooms and suites, enhanced by two health clubs, two spas, a salon, and a swimming pool. Guests also have access to 14 dining and drinking venues, 59,000 square feet of shopping areas, 31,000 square feet of meeting and convention facilities, and a unique Chinese zodiac-inspired ceiling. The company's Las Vegas operations encompass a 194,000 square-foot casino, equipped with 223 table games, 1,751 slot machines, private gaming salons, a sky casino, a poker room, and a race and sports book. Two lavish hotel towers offer 4,748 guest rooms, suites, and villas, complete with multiple swimming pools, private cabanas, two full-service spas and salons, and a wedding chapel. Additional amenities include 32 food and beverage outlets, a substantial 513,000 square feet of meeting and convention space, 155,000 square feet of retail offerings, two theaters, three nightclubs, and a beach club. Finally, the Encore Boston Harbor facility comprises a 211,000 square-foot casino area, featuring 184 table games, 2,766 slot machines, various gaming zones, and a poker room. Its high-end hotel tower contains 671 guest rooms and suites, alongside a spa and salon. This property also includes 15 food and beverage options, a nightclub, 10,000 square feet of retail space, 71,000 square feet dedicated to meetings and conventions, a waterfront park, floral arrangements, and water shuttle services. Established in 2002, Wynn Resorts maintains its corporate headquarters in Las Vegas, Nevada.

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